The crypto market is undergoing a high-priced volatile period, with majority cryptocurrencies recording profits as well as losses within a matter of only a few hours. Bitcoin reflected a small loss of 0.40 percent on Wednesday, April 12. Despite the minor dip, BTC continues to trade at its nine-month high price point of $29,894 (roughly Rs. 24.5 lakh). In the last 24 hours, the oldest, most expensive cryptocurrency lost $54 (roughly Rs. 4,432).
Ether dipped by 3.05 percent on Wednesday. At the time of writing, ETH was trading at $1,861 (roughly Rs. 1.52 lakh), showed the crypto price tracker. In the last 24 hours, ETH values dipped by $62 (roughly Rs. 5,088).
“Most cryptocurrencies witnessed a slight decline in the past 24 hours ahead of today’s US CPI data for March. At the same time, the entire cryptocurrency industry is also excitedly awaiting the Shanghai upgrade, set to go live today. This would allow phased staking withdrawals on Ethereum,” Edul Patel, CEO and Co-Founder of Mudrex crypto investment platform, told Gadgets 360.
As per Patel, Bitcoin’s next resistance period is expected to be at the price point of $30,250 (roughly Rs. 24.8 lakh).
Most cryptocurrencies threaded behind BTC and ETH and registered minor losses on Wednesday. These include Binance Coin, Ripple, Cardano, Polygon, Polkadot, and Litecoin.
Avalanche, Tron, Chainlink, and Uniswap also settled with losses.
The global market cap of the crypto sector slipped by 1.43 percent in the last 24 hours. As per CoinMarketCap, the valuation of the crypto market is estimated to be at $1.22 trillion (roughly Rs. 1,00,11,597 crore).
Meanwhile, a substantial number of cryptocurrencies did see profits today. These include Tether, USD Coin, Solana, Binance USD, and LEO.
Monero, Bitcoin Cash, Dash, Qtum, and Braintrust also saw small profits.
“Crypto related VC deals also took off this quarter indicating an overall bullish sign for stakeholders. The Consumer Price Index (CPI) report will be a deciding factor for the ongoing positive run in the market,” Rajagopal Menon, Vice President, WazirX, told Gadgets 360.
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